Intro to self employment 101
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Intro to self employment including questions to ask yourself
Transcript of Intro to self employment 101
2
MyselfExperience:
Education & Training:
© Robert Farrell
Ice-Breaker
Introduce yourself:
•Name.
•Background.
•What you want to get out of this course.
•Do you have a business idea.
© Robert Farrell
4
Course Overview
• Introduction.• Self Employment.• Idea Generation.• Planning.• Operations.• Marketing• Market Research.• Finance.• Enterprise Supports
© Robert Farrell
5
Course Introduction
• A business is a machine or mechanism like a watch.• Requires management & planning to be profitable.• Entrepreneurship can be rewarding (financial &
emotional).• Skills can be learned & taught.• No guarantee of success.• Business Plan/Strategy is foundation like a house.• Success = Internal & External factors.
© Robert Farrell
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Business Plan
• Executive Summary.• Legal.• Market Analysis.• Marketing Plan.• Research & Development.• Operations.• Financials.
© Robert Farrell
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Introduction to Self Employment
© Robert Farrell
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Course
Aim:• Introduce basic fundamentals of setting up & managing a
business.
Objectives:• Identify entrepreneurial traits.• Assess your suitability as an entrepreneur.• Check if you have the skills needed to start up.• Examine advantages / disadvantages of self employment.• Identify reasons for small business success& failure.• Consider your motivation for starting a business.• Identify the steps to starting a business.
© Robert Farrell
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Contents
• Reasons for Starting Up.
• Advantages & Disadvantages
• Skills required.
• Money Cycle.
• SYOB Process.
• Checklist.
© Robert Farrell
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Why do you want to start up?
• Crave independence & control.• Is it just a dream.• Forced by recession.• Your skills & experience.• Thinking: critical & calculated or emotional.• Will you enjoy it.• Impact on family & personal life.
© Robert Farrell
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Advantages of Self Employment
• Earning Potential.• Do what you love.• Better working environment.• Control & Independence.
– Can you get the job done?.
• Huge learning curve.• Deal with different people and situations
© Robert Farrell
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Disadvantages of Self Employment
• If you are not working, you are not earning.• No holiday during the first two years.• Financial risk.• Stress & health impact.• Misjudgement can mean loss or failure.
© Robert Farrell
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Personal Issues
• Health:– Stress etc.
• Family:– Long hours.– Family money?– Family/emotional support is vital.
© Robert Farrell
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Skills Needed
• Experienced & Skilled (Role & Management).• Confident not arrogant.• Motivated.• Manage stress.• Stamina (physical & mental).• Risk taker (calculated).• Critical thinking & analysis.• Rational with emotion.• Manage money & priorities.
© Robert Farrell
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Skills Needed
Management:Staff
PrioritiesSuppliersFinance
ProductionNegotiations
Marketing:Research
CampaignsPresentations
Sales
Communications:ListeningInforming
UnderstandingNetworking
© Robert Farrell
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Roles you will play• Visionary:
– See opportunities & threats.
• Strategist:– Plan operations.
• Manager:– Run the business.
• Persuader:– Convince investors.
• Sales person:– Ensure customers are
happy.
Worker
Credit Collector Hiring Manager
MarketingSales Rep
Stock manager
© Robert Farrell
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Money Cycle
Business
Costs:Loan, Interest, Creditors, Dividends, Rent
Production Costs:Materials, Labour,Electricity, Transport
Stock/ WIP
Sales
Debtors
Length of Time?
Capital
© Robert Farrell
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SYOB Cycle
Research
BusinessPlan
Idea
Test
Launch
Manage
© Robert Farrell
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Ask Yourself
• Who do you see? • What skills, talents, and strengths does that person
have? • What faults, weaknesses and failings does that
person have? • What is their motivation – in life generally, in this new
business situation specifically? • What is their attitude to risk, uncertainty, and
pressure? • What is your opportunity cost?
© Robert Farrell
20
Ask Yourself
• Will this business help me achieve my life goals?
• I know and have the skills required?• I am willing to employ skills where needed?• I can work 10-hour days?• Are you a sales person?• I can manage finances & stock?• I get on easily with most people?
© Robert Farrell
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Rank Yourself(1 = Low. 10 = High)
• Need for control/independence.• Drive and energy.• Self-confidence.• Money to measure performance.• Tolerate ambiguity / uncertainty.• Sense of social responsibility.• Problem-solving.• Setting (and achieving) goals.• Calculated risk-taking.• Committing for the long-term.• Dealing with failure.• Using feedback.• Taking the initiative.• Seeking personal responsibility.• Tapping and using resources.• Self-imposed standards.
© Robert Farrell
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Contents
• Reasons for Starting Up.
• Advantages & Disadvantages
• Skills required.
• Money Cycle.
• SYOB Process.
• Checklist.
© Robert Farrell
